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Shell’s crown as Britain’s biggest company slipped yesterday after its second-quarter figures disappointed on almost every front, culminating in a $2.2 billion writedown on its US shale oilfields.

Shares in the Anglo-Dutch oil group fell by nearly 5 per cent to £21.33, valuing the company at £137 billion. This placed its market value behind HSBC, which is worth £140.4 billion.

In one of his final acts as chief executive before he leaves at the end of the year, Peter Voser abandoned Shell’s production targets and promised to sell half of its unprofitable shale fields in North America and the bulk